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PayPak
Pakistani card payment service From Wikipedia, the free encyclopedia
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PayPak (Urdu: پے پاک) is a domestic payment service available in Pakistan.[1]
It was launched in 2016 by 1Link to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs, POS terminals, and e-commerce portals within Pakistan.[2]
The new payment scheme aims to compete in the domestic market with other, established, international payment schemes like Visa, MasterCard & UnionPay.[3]
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Technology and license
PayPak uses the Gemalto's product PURE.[4] PURE is an off-the-shelf payment application from Gemalto that is fully compliant with the EMV standard. It is designed for banks and private payment card associations seeking chip-based security and a fast time to market. Additionally, PURE is a scheme-agnostic EMV application that private-label card issuers and national payment associations can utilise without the need to enter into a business agreement with another payment scheme.
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Market share
The uptake of the payment scheme was initially slow with State Bank of Pakistan intervening to encourage adoption.[5] By February 2021, more than 4 million PayPak cards had been issued[2] – representing about 9% of the overall 44.5 million payment cards issued in the country.[6] By January 2024, this number rose to 11 million cardholders, giving PayPak a market share of 25% in the country's debit card segment and 19% among the overall 57 million payment cards issued.[7][8]
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See also
References
External links
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